Serbia Ranks Among the Rapidly Expanding Economies in Europe: Report
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Belgrade, Dec 8 (NationPress) Serbia's economy has seen an estimated growth rate of 3.8 percent year-on-year in the first ten months of 2024, positioning it as one of the fastest-growing economies in Europe, according to the latest Macroeconomic Analyses and Trends (MAT) report issued by the Chamber of Commerce and Industry of Serbia and the Economics Institute.
The December edition of MAT, released on Friday, highlighted that this growth was accomplished despite the challenges encountered by significant Eurozone trading partners, as reported by Xinhua news agency.
Serbia has effectively redirected its exports towards markets in China and Turkey, compensating for the diminished demand from the European Union.
"Without this strategic diversification, Serbia's goods exports would have seen a decline in the first nine months of the year," the report stated.
Furthermore, Serbia's foreign trade continued its positive momentum, achieving its fourth consecutive month of growth in October, reflecting a 6.8 percent year-on-year increase, which is approximately $412 million.
In the first ten months of 2024, Serbian goods exports totaled $2.72 billion, marking a 4.4 percent increase, while goods imports rose to $3.73 billion, reflecting an 8.7 percent rise. This resulted in a widening trade deficit of about $1 billion, an increase of 22 percent.
Industrial production also showed positive results, increasing by 3.3 percent from January to October. Notably, October experienced a robust year-on-year surge of 8.1 percent, as mentioned in the report.
